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China’s role in USD volatility – #SaxoStrats
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US dollar traders have had a rocky start to the year and China is a significant source of the volatility, says Saxo Bank’s head of FX strategy John Hardy.
Wednesday’s FOMC minutes offered no exciting data, he said, adding that USD has been affected by a crackdown from China on the offshore version of its currency, the CNH.
It gained the most against the US dollar over the last two days in the short history of CNH trading.